Global Vision Technologies, Inc. has been one of the leading providers of patient registry software on a global scale. The company is expected to maintain a dominant position by focusing on the launch of new products and the development of innovative initiatives for healthcare organizations. However, the competitive scenario could be in a state of churn as other key players such as Quintiles, Inc., PatientCrossroads, Evado Clinical Solution, and Dacima Software, Inc., show high potential in terms of either niche fields or populous fields. Quintiles, for instance, has tied up with a diverse group of partners such as the MDA and the NFL to create patient registry software suited for specific utilities.
Transparency Market Research states in a new study that the best way to increase user base is through consistent developments and optimizations in patient registry software that cater to specific customer needs through optimizing customizations and through generating new products and services on these lines.
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Commercial Registry Software to Keep Growing in Demand
The global patient registry software market is expected to gain a revenue close to US$1 bn by the end of 2016. Its revenue is expected to be generated at a CAGR of 10.5% within a forecast period from 2015 to 2023. By the end of 2023, the total patient registry software revenue is expected to reach just above US$2 bn.
Commercial registry software will continue being the most popular type of patient registry software and is expected to generate a revenue of US$1.7 bn by the end of 2023. Meanwhile, public domain software is gaining ground at a rapid CAGR of 11.8% from 2015 to 2023.
While diabetes registry software was the leading segment in 2014 and is also currently the fastest growing disease area segment, cardiovascular registry software are expected to form the largest segment by 2023, earning an expected revenue of US$533 mn.
Healthcare Organizations Becoming Increasingly Convinced about Better Disease Management through Patient Registry Software
A key driver for patient registry software across the world is the growing count of patients suffering from various chronic diseases. These patients require a consistent record-keeping by their healthcare agency and therefore, the growth in their numbers is leading to a higher demand for efficient patient registry software.
Corroborating with this fact is the WHO report from 2012, which stated a record 1.5 mn diabetes-related deaths for the year. Studies show that this number is expected to grow in the coming years, and so will the numbers for other chronic diseases.
Additionally, in 2015, the U.S. CMS had begun funding physicians for every patient they held for Medicare benefits. This is a solid confirmation for the growth in applications of patient management and population health management strategies.
Data Security Remains High Concern Despite Improvements in Patient Registry Software
“Security measures are constantly being upgraded for all top patient registry software in the market today,” states a TMR analyst. “However, the chances of theft, fraud, data corruption and damage from accidental causes, intrusion of privacy, and unauthorized usage are still fairly prevalent. It is a constant factor that keeps more clients and users from being found.”
Patient registry software, once compromised, can cause several issues such as insurance complications, incorrect data that leads to mismanagement of hospital funds, and incorrect medical expenses for patients. These are extremely high priority problems as medical records can consistently remain of high interest for people conducting fraudulent activities.
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